Markets Right Now: Tech rout erases market's gain for year

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. Stocks are closing sharply lower, erasing the market's gains for the year, as losses for big technology companies like Apple mount.

Trader Vincent Napolitano, left, works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Tuesday, Nov. 20.

The S&P 500 fell 48 points, or 1.8 percent, to 2,641. The benchmark index is 9.9 percent below its September peak. The Dow Jones Industrial Average lost 551 points, or 2.2 percent, to 24,465. It was down 648 earlier.

The Nasdaq lost 119 points, or 1.7 percent, to 6,908. The selling was widespread. Five stocks fell for every one that rose on the New York Stock Exchange.

11:45 a.m.

Stocks are skidding as weak results from retailers and mounting losses for big technology companies push the market back into the red for the year.

Energy companies are also slumping Tuesday because of a 5 percent drop in the price of oil.